Interim Results - Pre Tax Profit Up 9%

LONDON SECURITIES PLC
29 October 1999


INTERIM STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 1999

CHAIRMAN'S STATEMENT

Profit  before  tax increased by 9 per cent. to £377,000  compared
with  the  equivalent  period  in 1998.   A  slight  rise  in  the
effective  rate of tax from 26.3 per cent. to 28.2 per  cent.  has
occurred  as  available capital allowances reduce.   Earnings  per
share  were  7.4p, an increase of 7 per cent. over the  equivalent
period in 1998.

As  explained previously, no interim dividend is proposed  due  to
the  high  costs of distributing dividends to the large number  of
shareholders with very small numbers of shares.  A final  dividend
will be proposed based on the profits for the full year.

The  property portfolio has not been revalued at 30 June 1999.   A
full external valuation will be carried out at 31 December 1999.

The property portfolio is almost fully let and a small increase in
rent  receivable  has been achieved from rent  reviews.   Interest
payable  in  the first half was £34,000 less than in 1998  due  to
lower  floating  rates  of interest on £4,500,000  of  debt  where
interest rates were not fixed.  Interest on the balance of finance
debt of £5,575,000 was fixed at 8.8 per cent.  Interest receivable
has  increased by £6,000 in spite of the lower interest  rates  as
cash balances have increased from £1,936,000 to £2,510,000 in  the
period.

On 6 July 1999 the company purchased 25,000 of its own shares at
83 pence per share compared with a net asset value of 216 pence
per share as at 30 June 1999.  As this purchase reduced the public
interest in the company to marginally below the Stock Exchange
minimum of 25 per cent. for a full listing, the company
transferred to AIM on 9 August 1999.

P.M. Evans
Chairman
GROUP PROFIT AND LOSS ACCOUNT


                               Unaudited  Unaudited   Audited
                                6 months   6 months     Year
                                   to         to       ended
                                30 June    30 June       31
                                  1999       1998     December
                                 £'000      £'000       1998
                                                       £'000
Gross rents receivable              1,006        994      2,005
Direct property outgoings            (52)       (62)      (127)
                                 --------   --------   --------
Net rents receivable                  954        932      1,878
Administrative expenses              (64)       (46)      (108)
Revaluation surplus                     -          -        600
                                 --------   --------   --------
Operating profit                      890        886      2,370
Net interest payable                (365)      (404)      (798)
                                 --------   --------   --------
Profit on ordinary activities         525        482      1,572
before taxation
Taxation                            (148)      (127)      (124)
                                 --------   --------   --------
Profit on ordinary activities         377        355      1,448
after taxation
Dividends                               -          -      (102)
                                 --------   --------   --------
Retained profit                       377        355      1,346
                                 --------   --------   --------
                                                               
Basic earnings per ordinary          7.4p       6.9p      28.3p
share
Adjusted earnings per ordinary       7.4p       6.9p      14.1p
share
Dividend per ordinary share           Nil        Nil       2.0p
                                 --------   --------   --------

GROUP BALANCE SHEET
                               Unaudited  Unaudited   Audited
                                   at         at         at
                                30 June    30 June       31
                                  1999       1998     December
                                 £'000      £'000       1998
                                                       £'000
FIXED ASSETS                                                   
Investment properties              19,595     18,300     19,595
                                 --------   --------   --------
CURRENT ASSETS                                                 
Debtors                               225        242        209
Tax recoverable                         -          6          -
Cash                                2,510      1,936      2,171
                                 --------   --------   --------
                                    2,735      2,184      2,380
                                 --------   --------   --------
CREDITORS (DUE WITHIN ONE                                      
YEAR)
Finance debt                     (10,075)          -   (10,075)
Other creditors                     (748)      (854)      (666)
Deferred income                     (458)      (464)      (458)
Proposed dividend                       -      (102)      (102)
                                 --------   --------   --------
                                 (11,281)    (1,420)   (11,301)
                                 --------   --------   --------
NET CURRENT                       (8,546)        764    (8,921)
(LIABILITIES)/ASSETS
                                 --------   --------   --------
TOTAL ASSETS LESS CURRENT          11,049     19,064     10,674
LIABILITIES
CREDITORS (DUE AFTER ONE YEAR)                                 
Finance debt                            -   (10,075)          -
PROVISION FOR LIABILITIES AND           -        (3)        (2)
CHARGES
                                 --------   --------   --------
NET ASSETS                         11,049      8,986     10,672
                                 --------   --------   --------
                                                               
CAPITAL AND RESERVES                                           
Called up share capital               512        512        512
Share premium                       3,925      3,925      3,925
Capital redemption reserve            103        103        103
Revaluation reserve                 1,985      1,290      1,985
Merger reserve                      2,033      2,033      2,033
Profit and loss account             2,491      1,123      2,114
                                 --------   --------   --------
TOTAL EQUITY SHAREHOLDERS'         11,049      8,986     10,672
FUNDS
                                 --------   --------   --------
NET ASSETS PER SHARE               215.8p     175.5p     208.4p
                                 --------   --------   --------

NOTES TO THE GROUP PROFIT AND LOSS ACCOUNT AND BALANCE SHEET
1.   The financial information contained in this interim statement
  does  not  constitute statutory accounts within the  meaning  of
  section 240 of the Companies act 1985 and is unaudited.  Statutory
  accounts for the period ended 31 December 1998 have been delivered
  to  the  Registrar of Companies.  The report of the auditors  on
  those  accounts was unqualified and did not contain a  statement
  under sections 237(2) or 237(3) of the Companies Act 1985.
2.   Earnings per ordinary share have been calculated on 5,120,495
  shares  (1998: 5,120,495) being the weighted average  number  of
  ordinary  shares in issue during the period and  on  profits  of
  £377,000 (1998: £355,000).
3.    Copies  of this statement are being sent to all shareholders
  and  are  available to the public from the company's  registered
  office at Wistons Lane, Elland, West Yorkshire HX5 9DS.